Retail marketing services company Photon Group Ltd
(ASX:PGA) has completed its rights issue raising a total of $88 million.
This follows the completion of a placement on August 24 which raised $26.6 million.
Photon says the $114.6 million total proceeds raised will be used to retire debt and strengthen the company's balance sheet.
Executive Chairman Tim Hughes says the company is pleased with the high level of support for the rights issue from both institutional and retail shareholders.
Mr Hughes says as a result of the equity raising's Photon has a strong balance sheet and is well positioned to continue to pursue organic growth.
Photon Group’s 2009 net profit remained relatively unchanged from its result in 2008.
